Course Description

Social Security and Medicare benefits remain an integral part of the financial planning process for many clients, yet CPAs often feel unprepared to talk about these topics. Clients often want to know when they will qualify for benefits, how they obtain benefits, and if these benefits will even be available once they retire. Through easy-to-understand examples and discussion, this course will review the fundamentals of the Social Security and Medicare systems. It will also help practitioners begin to identify planning opportunities that may be available for current and future clients.

Learning Objectives

  • Recall the different types of Social Security benefits

  • State the tax treatment of Social Security benefits

  • Compute the benefit change when one takes benefits before and after the full retirement age

  • Identify differences between commercial disability insurance and social security disability benefits

  • State how Social Security may be incorporated into a client’s financial plan

  • Name the different parts of Medicare

  • Recognize the difference between Medicare and Medicaid

Additional Required Materials

  • Level: Beginner

  • Field of Study: Taxes (NASBA), Tax Planning (CFP)

  • Who Should Attend: CPAs who have clients that are nearing retirement or asking questions about Social Security and Medicare benefits.

  • Required Knowledge: Working knowledge of individual tax concepts.

  • Advanced Prep: None

Instructor

CPA, CPCU, MST, MBA David Peters

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA. He has over fourteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, and ethics throughout the United States. He holds four Masters degrees and contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.